HCW Biologics Inc. reported its financial results for the third quarter ended September 30, 2024, alongside key business updates. The company announced the resolution of legal proceedings with ImmunityBio and its affiliates in July 2024, with no monetary payments required from any party.
Despite the legal resolution, HCW Biologics incurred substantial legal fees, reporting $14.4 million in obligations for these fees as of September 30, 2024. The company is engaged in discussions with law firms to arrange reasonable payment plans for these outstanding amounts.
Management concluded that substantial doubt exists regarding its ability to continue as a going concern for at least 12 months without additional funding. Furthermore, the company received a Nasdaq non-compliance notice for continued listing requirements, with a deadline of December 16, 2024, which it intends to appeal.
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